SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2020

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

13. SHAREHOLDERS’ EQUITY

The Corporation currently has one active share repurchase program and one repurchase program that has since expired. All share repurchase programs are conducted under authorizations by the Board of Directors. Under the now expired program, the Corporation repurchased 1,661 shares in 2020, 14,000 shares in 2016, 102,455 shares in 2015, 13,700 shares in 2014 and 55,594 shares in 2013. The share repurchases were conducted under Board authorizations made and publicly announced of $.600 million on February 27, 2013, $.600 million on December 17, 2013 and an additional $.750 million on April 28, 2015.

On August 28, 2019, the Corporation, under the authorization of the Board of Directors announced a new common stock repurchase program. Under the Repurchase Program, the Company is authorized to repurchase up to approximately 5% of the Company’s outstanding common stock, and has no expiration date. During the first nine months of 2020, the Corporation repurchased 238,983 shares under this plan. As a result of the pandemic, the Corporation has temporarily paused its repurchase activity.

Total shares repurchased under stock repurchase plans in the first nine months of 2020 were 240,644.